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If You Have Money To Blow, Buy A House
You Don’t Have To ALWAYS Rent – Even If It Is A Growing Trend
Personal Finance
If You Have Money To Blow, Buy A House
You Don’t Have To Rent – Even If It Is A Growing Trend
The Benefits of Owning A Home
Privacy
Deal with fewer property rules
Have more space between you and your neighbors
Have your own private backyard
Tax write-offs
Own a space you can actually call your own
Build your real-estate net worth
Customize your property how you prefer
Have as many pets as you desire
Have your own pool
Fewer noise complaints or issues
You can rent out rooms or the entire house to earn extra income
Have a guaranteed parking spot whenever you come home w/o paying extra for it
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I mean, the list goes on and on. Whatever you dislike about apartments, you will probably experience the opposite if you have your own home.
The Growing Renter Trend
Let’s talk about the elephant in the room: Yes, renting can be cheaper than buying a home, but ultimately, the reason more people rent a property is that they can’t afford to buy a home with the growing cost of living.
Buying a home used to be super cheap. I still remember when my parents bought their first home, it was right under $100,000; this was a crazy price to me. You might still be able to find homes for this price in less populated areas, but the housing market is not how it used to be – even pre-COVID19.
People are earning more money than they ever have before, but the cost of living keeps escalating at a rate many people just can’t keep up with. Somehow the wealthiest keep buying up homes, and the rest keep renting their homes – making the wealthiest even more endowed.
I Believe In Renting Until…
Ultimately, I think renting is the way to go..up to a certain point. It’s super low maintenance. It’s super cheap. It’s super convenient. It’s low-risk. It’s easy. It makes sense. But I only believe in renting if that’s all you can afford. Renting comes with many cons, barriers, and rules that aren’t for everyone.
Rent until you can afford to blow your money on your own piece of land or property. There is absolutely nothing wrong with buying yourself a little bit of freedom and spending some change.
You Can Still Grow Your Net Worth If You Buy
Buying a house is not the end of the world for your money, net worth, and financial health. All you have to do is implement prudence:
Keep the emergency fund stacked.
Maintain a side hustle.
Maintain multiple streams of income.
Avoid dependence on 1 source of income.
Ensure you invest a sizeable amount of income each month.
Monitor your spending habits.
Live below your means.
Create more passive income streams.
Find as many tax advantages and savings as possible.
Pick a house that makes the most sense; don’t go overboard.
Keep your mortgage 25% or less of your take-home pay; Ultimately, I recommend paying no more than 15% of your take-home pay in rent/mortgage.
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.